21 Final Thoughts on Key Issues (cont.) Product Demand Will Be Key Continue to be driven by economic growth; tougher than ever to forecast Demographics population growth, economic maturation, lifestyle changes, Impacted by new technologies breakthroughs in alternatives and efficiencies, driverless vehicles, others U.S. Should Continue to Be World Leader in Refining Ability to maintain and grow product exports will be critical (esp. for USGC) Challenged by new refining capacity in both importing/exporting countries Important not be handicapped by excess regulation Benefits of domestic production growth are real; temporarily muted Can expect more rationalization of capacity in other Europe/OECD Asia 21 21

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